Adani Power’s Q1 net profit up 54 percent

Mumbai, Aug 4 (IANS) Adani Power Thursday reported a rise of 54 percent in its net profit for the first quarter of the current fiscal at Rs.177 crore as compared to Rs.114 crore in the same period of 2010-11.

The company said in a regulatory filing to the Bombay Stock Exchange (BSE) that its net sales in the quarter under review increased by 132 percent and stood at Rs.819 crore as against Rs.353 crore in the corresponding quarter of 2010-11.

“The growth in net sales is largely due to capacity addition in Q1 FY12, taking the total generation capacity to 1,980 MW,” the company said in a statement.

The company plans to synchronise two more units each of 660 MW at its Tiroda plant in Maharashtra some time later this fiscal, the statement said but did not divulge the date.

“Adani Power also plans to synchronise two more units each of 660 MW, based on the supercritical technology, at Tiroda in Maharashtra later in the current fiscal,” said chief financial officer Prabal Banerji.

Banerji added that the average load factor for the quarter under review stood at 74 percent due to planned shutdowns.

The company said it was confident its benchmark power project in Mundra, Gujarat, would be completed by the end of this fiscal.

“Mundra project is well on track and we hope to achieve full target of 4,620 MW by end of this fiscal,” said Gautam Adani, chairman of Adani Group.

He added that the company is also confident of operationalising 6,000 MW capacity in the current fiscal out of the total planned 16,500 MW capacity that is under development.